Japan’s Mizuho hit with another glitch, some transactions delayed

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TOKYO, Sept 30 (Businesshala) – The main banking arm of Mizuho Financial Group (8411.T) said on Thursday that some forex transactions are being delayed due to system glitches, just a week after it said it was facing system troubles. was slapped with a regulatory penalty. Year.

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Japan’s third-largest lender has experienced a series of technical problems in 2019 despite a $3.6 billion overhaul of its systems, prompting the Financial Services Agency (FSA) to become more involved in oversight of its computer systems This is an unusual move for the banking regulator.

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The latest glitch occurred on the last day of the April-September half of Japan’s fiscal year, which typically sees a surge in transactions by companies.

A Mizuho spokesperson said some transactions may not be completed by the end of Thursday.

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The trouble with the new system could also lead to further regulatory action by the FSA, as last week the regulator said its next course of action would depend on the bank’s report, which is by October 29.

A third-party report commissioned by the bank found that its corporate culture was to blame for the failures of its technical systems, creating an environment where managers are reluctant to express opinions and respond well to crises. are unable to.

Reporting by Makiko Yamazaki and Yuki Nitta; Editing by Jason Neely, Robert Birsey

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